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Buying or Selling a Home/Broker still showin house after expiration of contract

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Expert: - 7/16/2006


Question
Hi

Some friends of mine do not have a computer so they are selling there house, listing expired, existing broker never signed a new contract with them, an offer was presented, a counter offer presented, sellers are taking less, than listing considerably, does the broker still have rights to do this , in wisconsin?
thanks
dan

Answer
Dear Dan;
Did the Buyers see the house while the listing agreement was still in effect?  If so then there was probably some verbage in the contract about having an extended period of time after expiration of the contract for compensation on any buyers who had seen the home--if they made an offer for up to ...(usually 60 days after expiration of contract) If the listing agreement had expired before the offer was presented and if there was nothing in the agreement giving an extension on those clients who had seen the home during the active contract then the agent should have arranged for compensation by presenting some sort of compensation agreement with the contract.  Otherwise they are not entitled to any compensation.  Clearly, the best thing for the Sellers to do is to re-read their listing agreement carefully and if they have any questions they should consult an attorney.  Since an attorney will be used for the closing anyway, they should simply call that attorney to discuss dispensation of funds and bring up the question about the commissions owed.

~Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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